PROPERTY sales in Cyprus during January 2017 rose by 29 per cent compared to the same period last year according to the official statistics published by the Department of Lands and Surveys; 2017 got off to a promising start.

During January 2017 a total of 423 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 327 deposited in January 2016.

Of those 423 contracts, 330 (78%) were deposited by Cypriot purchasers and 93 (22%) were deposited in favour of overseas purchasers.

Although sales in Famagusta fell 5% compared with January 2016, they increased in all the other districts. Limassol lead the way with sales up 43%, followed by Nicosia where sales were up 33%, while sales in Larnaca and Paphos rose by 31% and 19% respectively.

Total Property Sale Transactions – 2016/2017 Comparison

District

Year

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Nicosia

2016

54

79

82

79

82

98

102

64

81

80

86

144

2017

72

Famagusta

2016

22

35

33

35

24

34

27

41

32

47

19

87

2017

21

Larnaca

2016

78

108

121

127

103

120

123

81

121

111

114

153

2017

102

Limassol

2016

92

179

197

166

145

222

220

129

195

270

249

432

2017

132

Paphos

2016

81

100

106

107

120

183

153

136

127

126

183

318

2017

96

Totals

2016

327

501

539

514

474

657

625

451

556

634

651

1134

2017

423

Although it was feared by some that the Capital Gains Tax concession introduced in mid-2015 exempting those who purchased property by 31 December 2016 from paying Capital Gains Tax regardless of when the property was sold would result in a fall in property sales, their fears appear groundless.

Domestic property sales

Property sales to the domestic (Cypriot) market in January 2017 rose 27% compared with sales during the same period last year, with sale (and ‘non-sale’) agreements reaching 330 compared with 260 in the same month last year.

While sales in Famagusta were unchanged compared to January 2016, they rose in all other districts.

Sales in Nicosia rose 47% and sales in Limassol rose 43%, while sales in Paphos and Larnaca rose by 20% and 13% respectively.

Domestic Property Sale Transactions – 2016/2017 Comparison

District

Year

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Nicosia

2016

43

70

10

69

68

92

94

58

75

70

73

116

2017

63

Famagusta

2016

20

31

21

33

24

7

19

32

22

37

9

72

2017

20

Larnaca

2016

68

96

85

91

93

75

91

67

90

81

74

114

2017

77

Limassol

2016

68

158

145

122

126

162

156

101

142

202

196

307

2017

97

Paphos

2016

61

72

59

65

105

126

74

88

98

83

111

171

2017

73

Totals

2016

260

427

382

380

416

462

434

346

427

473

463

780

2017

330

Overseas property sales

Property sales to the overseas (non-Cypriot) market during January 2017, which are unaffected by ‘non-sale’ agreements rose 39% compared to the same month last year with 93 properties sold compared to 67.

However, just a single property was sold in Famagusta and sales were down 18% in Nicosia. But these falls were outweighed by 150% increase in Larnaca, a 46% increase in Limassol and a 15% increase in Paphos.

Readers' comments

Hopefully no Brits are still thinking of buying on this island ! When you are told ( and read on official sites) that the legal system is much like it is in GB, and then to find out ” it is nothing like our legal system”, and then realised things like you can’t easily get your title deeds, in some areas Brits are charged more for local services than the Cypriots are, so called independent Greek lawyers aren’t so independent after all, and local banks have been hit with fines after being very unfair with their contracts. Even the new mayor of Paphos mentioned the level of corruption that had previously gone on was terrible. The BBC has a short clip on utube regarding Cyprus property scams of which I urge any would be investors to watch. And don’t think you will get a lot of help from your local MPs or MEPs, as they insist they can’t do too much for you ( their are currently hundreds if not thousands trying to get help from the British government). Prices are well over priced now and with flights stopped or very limited over the winter period you may be better looking at Spain . Many of us wish they had never set foot on this island and hope we never need to ever again. We all have friends and families that are totally disgusted with the way in which cyprus seemingly can treat people ( and all have said they will never set foot on this island ever again) and get away with it.

The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.